(1) This section
applies where it is necessary in relation to an acquisition of an interest in
an entity (the main entity ) to calculate the total direct or indirect
interest that one entity (a higher entity ) has in another entity (a lower
entity ).
(2) A higher entity
has a direct or indirect interest in a lower entity if there are 1 or more
ownership chains between the higher entity and the lower entity.
(3) An ownership chain
exists if —
(a) the
higher entity has an interest as defined in whichever of section 153, 153A or
153B is applicable (a direct interest ) in the lower entity; or
(b)
there is a series of at least 3 entities, starting with the higher entity and
ending with the lower entity, each of which successively has a direct interest
in the next.
(4) The percentage of
the interest that a higher entity has in a lower entity through a particular
ownership chain is —
(a) for
an ownership chain referred to in subsection (3)(a) — the percentage of
the higher entity’s direct interest in the lower entity calculated under
whichever of section 153A(c), 153B(c) or 154 is applicable; or
(b) for
an ownership chain referred to in subsection (3)(b) — the percentage
calculated by multiplying the percentage of the higher entity’s direct
interest in the entity immediately below it in the ownership chain by the
percentage of the direct interest that each entity in the ownership chain
between the higher entity and the lower entity has in the entity immediately
below it in the ownership chain.
(5) The percentage of
the total direct or indirect interest that a higher entity has in a lower
entity is the aggregate of the percentage interests calculated under
subsection (4) for each ownership chain between the higher entity and the
lower entity.
[Section 154A inserted: No. 12 of 2019 s. 64.]